What’s going on with Gram: latest news and opinions

The whole fintech industry is waiting impatiently for the new alternative cryptocurrency Gram to arrive on the market. Its connection to the messenger platform with 300 million users is very promising. So let’s find out what’s going on with Telegram’s new project.

Those of you who are still in the dark about the Gram can find some basic information about it in this article.

The latest Gram news

Pavel Durov’s project team has already launched a test version of the Gram cryptocurrency wallet based on the TON blockchain platform, and its distributions are available for download despite the conflict with the US Securities and Exchange Commission (SEC).

Initially, the Gram token was planned to be released on October 31. However, the SEC explicitly stated that the proposed business model is too opaque. The SEC says Telegram has failed to register their offers and sales of Grams, which it says are securities, in violation of the registration provisions of the Securities Act of 1933. Telegram responded to the United States securities regulator, arguing that Gram, the native cryptocurrency for the Telegram Open Network (TON), is not a security.

After deeming Telegram’s initial coin offering (ICO) illegal on account of the fact that the Token Offering wasn’t properly registered in the USA, the SEC also filed a temporary restraining order, setting a court hearing in New York for Oct. 24.

Now applications for Windows, MacOS, and Linux are available for download. Source: shutterstock.com

After an exchange of filings, the hearing on the case has been postponed until Feb. 18–19, 2020.

The judge hearing the case, P. Kevin Castel, ruled that Telegram should not distribute its tokens before that date, and not until the court makes its decision on the case. Hence, the official launch of the project was postponed until the end of April 2020.

Now applications for Windows, MacOS, and Linux are available for download, and immediately after installation, the crypto wallet will generate a secret phrase of 24 words (to restore access if needed) and will ask you to enter a password to confirm transactions.

While the chatbot is giving away from 5 to 20 Gram tokens for free, they should arrive within a minute, but in the testing phase it takes a while longer. You can request test Grams several times in a row for the same wallet, but if you ask too often, the bot refuses:

“Sorry. You are making too many requests for this wallet, please try again later.”

Transferring Gram to a crypto wallet address or by a QR code from another user is already possible, this transaction takes about five minutes.

Transferring Gram to a crypto wallet address or by a QR code from another user is already possible. Source: youtube.com

However, it is still not clear who will mine the aspiring cryptocurrency.

Expert opinions

Due to the legal obstacles and a number of strong competitors in the cryptocurrency market, Telegram’s token has already received controversial reviews from the industry experts.

Telegram blockchain and its native token Gram are set to be the killer of Ethereum. TON offers the same functionality as Ethereum but on the next level, including scalability and speed of transactions. Telegram’s reluctance to share user data with governments is dramatically more appealing to the crypto community when compared to Mr. Zuckerberg and Facebook

Sergey Vasin, COO of the crypto-trading platform Blackmoon.net

Meanwhile, some experts don’t predict much of a fierce rivalry in the crypto-market brought by the launch of new tokens.

We don’t view Gram and Libra as competitors, but as complements. Gram and Libra have completely different underlying technologies and are meant for different use cases, with Libra primarily aimed at increasing global financial inclusion, and Gram primarily aimed at facilitating in-app payments for its existing user base

Diogo Monica, the co-founder and president of the digital asset custodian Anchorage

However, the Cryptopolitan team has alarmed the global community and US regulators with a report that may hinder the currency’s future.

Jewish News Syndicate reports that extremely deadly terrorist organizations like ISIS and Al-Qaeda, and the Islamist movement in Palestine, Hamas, are able to fund terrorist activities through Telegram and other social media platforms. Launching Gram will only deteriorate the situation further as terrorist organizations will find an additional source of funding through Telegram’s TON blockchain and its native token.

Cryptopolitan team

Messages like that one push authorities to closely scrutinize and slow down the scalability of new messenger-related cryptocurrencies like Gram and Libra.

Still, legal regulations are not the only challenge for Gram currency.

Telegram wants to create new services and products based on Gram, but so far the communication with the developer community is not very active. Regulators are only part of the problem, Gram still needs to become an ecosystem, which it is not so far

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